Iraq's Shahristani on oil market, production outlook

Nov. 14 - Iraqi Deputy Prime Minister for Energy Hussain Shahristani speaks to Reuters about crude production in the country and the global oil market outlook.

▲ Hide Transcript

▶ View Transcript

I cannot give you any definite figures in five years. But the total investments required in the initial sectors. And the related in this season is that the chemicals and fertilizers. And yes based in this sees. That portal. Investments required is more than 500. Billion dollars. And in about ten -- time. What proportional between abuse and -- is time it would be difficult. This is finished specified. But that's the level of investment that Iraq expects. Have to spend of course mostly -- spend by the international. Companies that have contracted to develop oilfields. But before we got taken by the size of that kind of investment. We should also. Not to us. That that revenues. That could legitimately. As a result of developing and that dissect that particular. The toilet. It -- Wouldn't be in excess of six trillion dollars. And today's oil prices. Over the coming twenty's. So that I wouldn't have would be inevitable position. To repay all of those investments in the short time it took about -- and that it. Have been handles investments with expected to attend a six trillion dollars. And of course as you say parts of this expansion win it will involve foreign companies. Iraq has hit some -- bums between X and move bill that case give us an update is that situation. That Iraq has consistently he informed all oil companies. Estimates reflect it's an obstacle to the conflict that has it's that has been signed. That the Iraqi laws have to -- Of zipped. Signing a contract develop oil and gas fields. With all of the approval of the federal government of -- the event. In Baghdad. At me because it hasn't each of their actual. The company's. The scientists contact with the approval of the government. Those conflicts have no standing with the government. Companies have no right to -- and Iraqi -- city. And they've all been adequately informed from the -- beginning. And then the -- the company that has. Jason. At -- course. Of action. And has been a -- I think. Respect that I capitalism and some of those contacts or submit them. Twenty. Government that I can look at them. Pulled them out to support them. Or they have to -- with digital. From that context in this house because that in -- Those conflicts and that's what has happened in the case of some of them. How quickly can Iraq and both -- How quickly it. It has taken a bit longer in case of ExxonMobil. I don't think it would take. Long in the case of any other company. That chooses to follow that course. Do you expect to production costs of the next meeting. No not a production cuts but we expect. And Iraq is calling upon all member countries. To just pick that quarters. That can't do that sort of quartile OPEC members except Iraq because Iraq has no quarter. Is fifty million battled spears thing. Or participant using just one million -- but -- that some members over the -- using. The court is. We have calling. And a number of other members according that that quote -- should -- -- And we believe if there's no need to beautiful production. The market is well supplied Willis talked. Prices -- stable. There is no way Adam. -- they -- moment. So there's no need to be -- -- -- is the current crisis sustainable prices that is at the right pricing your view. Yes I think he couldn't prize subplots how that -- those -- battled. Is that is applies that would encourage investors. To keep on developing marginal fields. And it's a price that would not impact. The dad. The economic. Development. And that is to the world that there has been a slowdown in some parts of the local stability in the U little. But that has got beaten because of oil prices are out the and as -- bills. That that issues that has impacted. Economic development in these countries we have not noticed that kind of applies has caused. And slowed down in an academy. Then the of the. Thank you very much -- house are stunning. That's the latest from the -- and many conference in London I'm inching all full wages.

World Rugby has advised players to cover-up tattoos during next year's World Cup in Japan, but many advocates for the body art hope the arrival of inked athletes sparks a debate in a country with a complicated relationship with tattoos

Three hundred man-made islands. Streets with artificial snow under a desert sun. This ambitious real-estate project in Dubai has laid largely dormant since the 2008 financial crisis, but one developer is trying to make it come back in a big way

A group of former rebel fighters, who traded their guns, battle fatigues and heavy rucksacks for paddles, helmets and life jackets, launch four rafts laden with visitors into the turbulent Pato River, deep in Colombia's dense Amazon jungle

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: